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  1. Need advice regarding hidden finance 
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    Last edited by Rudimental; 22-10-2013 at 09:57 PM.
     
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  2. Re: Need advice regarding hidden finance 
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    Call them, explain the situation, get a settlement figure for any outstanding finance and then deduct that from the asking price and your deposit.
     
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  3. Re: Need advice regarding hidden finance 
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    Quote Originally Posted by Rudimental View Post
    Right, i saw an car advertised went up and checked it over seemed like a good car and i put a deposit down with the seller. I had already done an HPI check prior but when i got home i did a finance check
    and it came back as:

    Finance agreement found
    The data was correct at 16/10/2013 18:09:25
    Finance Company
    VOLKSWAGEN FINANCIAL SERVICES (UK) LTD
    Agreement Date
    27/09/2012
    Contact Number
    0870 010 2022

    Shall i ring the contact number and see if it's still finance on the car or just get my deposit back and run away??
    Confused - how did you do a HPi check but a 'finance check' turned something up? HPi, as I understand it is all encompassing, what's the finance check to which you refer?

    Quote Originally Posted by Johnb80 View Post
    Call them, explain the situation, get a settlement figure for any outstanding finance and then deduct that from the asking price and your deposit.
    One cannot do that - it is illegal to sell a vehicle with outstanding finance on it. The vehicle (or property on which the finance is secured) remains the property of the financing company until such time the finance is settled.

     
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  4. Re: Need advice regarding hidden finance 
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    Quote Originally Posted by Eshrules View Post
    Confused - how did you do a HPi check but a 'finance check' turned something up? HPi, as I understand it is all encompassing, what's the finance check to which you refer?



    One cannot do that - it is illegal to sell a vehicle with outstanding finance on it. The vehicle (or property on which the finance is secured) remains the property of the financing company until such time the finance is settled.
    Hence why I said get a settlement figure and deduct it from the asking price. I.E. He pays VW Finance and the balance to the seller. You can do that, I've done it!
     
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  5. Re: Need advice regarding hidden finance 
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    Quote Originally Posted by Johnb80 View Post
    Hence why I said get a settlement figure and deduct it from the asking price. I.E. He pays VW Finance and the balance to the seller. You can do that, I've done it!
    With the prior permission of the finance company. Settlement figures also have a timescale attached to them. I thought you were suggesting the seller could settle the finance once the vehicle was sold.

     
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  6. Re: Need advice regarding hidden finance 
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    Quote Originally Posted by Eshrules View Post
    Confused - how did you do a HPi check but a 'finance check' turned something up? HPi, as I understand it is all encompassing, what's the finance check to which you refer?



    One cannot do that - it is illegal to sell a vehicle with outstanding finance on it. The vehicle (or property on which the finance is secured) remains the property of the financing company until such time the finance is settled.
    icarcheck.com checks the cars HPI but you have to pay extra for the finance check thats all.


    Is it possible the seller could have paid any finance on the car off and didnt feel the need to mention it as he didnt come across as someone with money troubles put it that way..
     
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  7. Re: Need advice regarding hidden finance 
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    Quote Originally Posted by Rudimental View Post
    icarcheck.com checks the cars HPI but you have to pay extra for the finance check thats all.

    Is it possible the seller could have paid any finance on the car off and didnt feel the need to mention it as he didnt come across as someone with money troubles put it that way..
    If you're seriously considering buying this car, I would pay for a proper HPI check - use experian <link>, cheap hpi checks aren't renowned for being the most accurate.

    See what that comes back with and if it's showing finance outstanding, ask the seller for an explanation.

    If he can't offer one and proof that it's been settled, walk away.

     
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  8. Re: Need advice regarding hidden finance 
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    Quote Originally Posted by Eshrules View Post
    If you're seriously considering buying this car, I would pay for a proper HPI check - use experian <link>, cheap hpi checks aren't renowned for being the most accurate.

    See what that comes back with and if it's showing finance outstanding, ask the seller for an explanation.

    If he can't offer one and proof that it's been settled, walk away.
    can you give me a link?
     
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  9. Re: Need advice regarding hidden finance 
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    Quote Originally Posted by Rudimental View Post
    can you give me a link?
    sorry I had added it, but the URL hadn't attached for some reason - now there.

     
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  10. Re: Need advice regarding hidden finance 
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    The sellers saying the car has been paid of this month on the 23rd..
     
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